Treasury bond

912810TM0 · 4% due November 15, 2042

Original term
20-Year
Maturity
Nov 15, 2042
Coupon
4.000%
Pays
Semi-Annual
Dated
Nov 15, 2022
First coupon
May 15, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$40.59bn
Held stripped
$679.7m
Share stripped
1.67%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 10, 2026

Yield to maturity
5.321%
Modified duration
11.209 yr
DV01
0.0976
Convexity
161.605
Dirty price
87.075

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 10 of twelve buckets, summing to 11.423 years against a modified duration of 11.209.

Against the fitted curve

Priced 1.8 bp cheap to the curve on that day, 17.94 cents per 100 of face.

That is -1.26 standard deviations from its own typical residual.

Yield to maturity, 947 observations

3.50%4.00%4.50%5.00%5.50%Nov 30, 2022Sep 10, 2026Nov 30, 2022Yield to maturity3.998%Jan 3, 2023Yield to maturity4.057%Feb 3, 2023Yield to maturity3.767%Mar 8, 2023Yield to maturity4.119%Apr 7, 2023Yield to maturity3.722%May 9, 2023Yield to maturity3.917%Jun 9, 2023Yield to maturity4.047%Jul 13, 2023Yield to maturity4.068%Aug 14, 2023Yield to maturity4.455%Sep 14, 2023Yield to maturity4.582%Oct 17, 2023Yield to maturity5.165%Nov 16, 2023Yield to maturity4.836%Dec 19, 2023Yield to maturity4.252%Jan 23, 2024Yield to maturity4.495%Feb 23, 2024Yield to maturity4.546%Mar 26, 2024Yield to maturity4.512%Apr 25, 2024Yield to maturity4.935%May 28, 2024Yield to maturity4.764%Jun 28, 2024Yield to maturity4.615%Jul 31, 2024Yield to maturity4.411%Aug 30, 2024Yield to maturity4.266%Oct 2, 2024Yield to maturity4.135%Nov 4, 2024Yield to maturity4.572%Dec 6, 2024Yield to maturity4.393%Jan 9, 2025Yield to maturity4.968%Feb 11, 2025Yield to maturity4.773%Mar 14, 2025Yield to maturity4.623%Apr 15, 2025Yield to maturity4.789%May 15, 2025Yield to maturity4.909%Jun 17, 2025Yield to maturity4.863%Jul 21, 2025Yield to maturity4.886%Aug 20, 2025Yield to maturity4.823%Sep 22, 2025Yield to maturity4.675%Oct 23, 2025Yield to maturity4.491%Nov 25, 2025Yield to maturity4.551%Dec 29, 2025Yield to maturity4.671%Jan 30, 2026Yield to maturity4.745%Mar 4, 2026Yield to maturity4.588%Apr 3, 2026Yield to maturity4.844%May 5, 2026Yield to maturity4.910%Jun 5, 2026Yield to maturity4.967%Jul 9, 2026Yield to maturity4.992%Aug 10, 2026Yield to maturity5.190%Sep 10, 2026Yield to maturity5.321%

Price history

947 trading days to Sep 10, 2026

80859095100105Nov 30, 2022Sep 10, 2026Nov 30, 2022Close100.031Jan 3, 2023Close99.219Feb 3, 2023Close103.219Mar 8, 2023Close98.406Apr 7, 2023Close103.844May 9, 2023Close101.125Jun 9, 2023Close99.375Jul 13, 2023Close99.094Aug 14, 2023Close94.156Sep 14, 2023Close92.625Oct 17, 2023Close85.969Nov 16, 2023Close89.688Dec 19, 2023Close96.750Jan 23, 2024Close93.750Feb 23, 2024Close93.156Mar 26, 2024Close93.594Apr 25, 2024Close88.719May 28, 2024Close90.688Jun 28, 2024Close92.438Jul 31, 2024Close94.875Aug 30, 2024Close96.656Oct 2, 2024Close98.281Nov 4, 2024Close93.031Dec 6, 2024Close95.156Jan 9, 2025Close88.625Feb 11, 2025Close90.813Mar 14, 2025Close92.531Apr 15, 2025Close90.688May 15, 2025Close89.406Jun 17, 2025Close89.938Jul 21, 2025Close89.719Aug 20, 2025Close90.438Sep 22, 2025Close92.094Oct 23, 2025Close94.188Nov 25, 2025Close93.531Dec 29, 2025Close92.219Jan 30, 2026Close91.438Mar 4, 2026Close93.188Apr 3, 2026Close90.438May 5, 2026Close89.781Jun 5, 2026Close89.219Jul 9, 2026Close89.000Aug 10, 2026Close87.031Sep 10, 2026Close85.781
The most recent 20 trading days of prices for 912810TM0.
DateBidOfferClose
Sep 10, 202686.17286.12585.781
Sep 9, 202686.67286.62586.906
Sep 8, 202687.28187.25087.125
Sep 4, 202687.31387.28187.250
Sep 3, 202687.43887.40687.250
Sep 2, 202686.95386.90686.969
Sep 1, 202687.26687.21986.969
Aug 31, 202687.17287.12587.250
Aug 28, 202687.89187.84487.563
Aug 27, 202688.06388.03187.875
Aug 26, 202688.03188.00088.000
Aug 25, 202688.12588.09488.156
Aug 24, 202687.75087.71987.563
Aug 21, 202687.25087.21987.125
Aug 20, 202687.43887.40687.594
Aug 19, 202687.79787.75087.938
Aug 18, 202686.81386.78186.938
Aug 17, 202686.96986.93886.688
Aug 14, 202687.15687.12587.125
Aug 13, 202687.62587.59487.625

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

3 auctions

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 912810TM0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 16, 2022Nov 30, 2022New issue$15.0bn$16.6bn2.64x4.072%
Dec 21, 2022Jan 3, 2023Reopening$12.0bn$12.0bn2.68x3.935%
Jan 18, 2023Jan 31, 2023Reopening$12.0bn$12.0bn2.83x3.678%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.